Crypto Firm Zipmex’s Buyout Hits Snag as Investor Seeks Haircut
- Zipmex’s $100 million VC buyout at greater risk of unraveling
- Investor proposed for creditors to take as much as 90% haircut
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The Thai fund buying struggling crypto exchange Zipmex is seeking to impose a steep haircut on its creditors under a revised buyout proposal.
The investor is proposing to pay creditors just 10% to 20% of the amount they are owed, having previously pledged to fully repay them, according to a letter from Zipmex to the Singapore court overseeing its restructuring which was seen by Bloomberg News. The letter doesn’t identify the investor.